Press release: MSU’s economic impact is highlighted in recent report

MURRAY – Murray State University’s economic impact on the Commonwealth and the west Kentucky region is highlighted in a recent report.

Based on a 2017 comprehensive study led by Professor Emeritus Dr. Gil Mathis, updated for inflation, Murray State University generates more than $633 million in economic output activity for the Commonwealth. 

Report findings also include the following:

– $265 million: annual total revenue generated by University employee, student and visitor spending 
– $23 million: annual state and local tax revenue generated by activity associated with Murray State University
– $1.18 billion: estimated increase in earning capacity generated by nearly 42,000 Racer alumni who reside in Kentucky
– 6,025: total direct and indirect jobs created as a result of Murray State University’s business operations

The 2024 state biennium budget includes funding and support for Murray State University, including a record amount of capital projects funding. Approximately $250 million in capital project and asset preservation funding has been provided to Murray State University over the past two state budgets.

Based on a 2024 Economic Impact Report led by Murray State Professor of Economics Dr. Simone Silva, University construction projects will generate more than $348 million in economic output activity from 2024-2030. 

Report findings specific to the University’s construction projects also include the following:

– $192 million: total contribution from Murray State University Construction Projects to the state’s GDP (2024-2030)
– $43 million: total estimated tax revenue from Murray State University Construction Projects (2024-2030)
– 2,457: total direct and indirect jobs supported by Murray State University Construction Projects (2024-2030)

Capital projects and enhancements to Murray State’s campus include:

– New School of Nursing and Health Professions Building – $45.5 million
– New Veterinary Sciences Building – $60 million
– New Living/Learning Commons Building – $38 million
– Construction, renovation and operations for the Cyber Education and Research Center – $10 million
– Asset Preservation/Deferred Maintenance for campus buildings – $46.6 million

“For more than 100 years, Murray State University has had an important responsibility to the Commonwealth of Kentucky and the west Kentucky region. This recent report highlights that importance in a variety of aspects as we move forward as an institution,” Murray State President Dr. Bob Jackson said. “Students and families continue to count on us to make a difference in their lives through the transformational experience that a Murray State University education provides. As our University grows and expands through multiple capital projects and enhancements to benefit our students, we are very grateful to our state legislators for their support of Murray State University as we continue to enhance the economic well-being of our region and state.”